Airbnb (NASDAQ:ABNB) beat analysts’ estimates for bookings in the first quarter as travel begins to rebound around the world with the loosening of COVID-19 restrictions.
The San Francisco-based company, which went public last December, reported $10.3 billion U.S. in gross bookings in the three months ended March 31, a 52% increase from the year earlier period and well beyond the $7.57 billion U.S. that analysts had expected.
Airbnb’s revenues rose 5% to $887 million U.S., also beating analyst’s projections. The company’s share price fluctuated in extended trading after closing down 3.2% at $135.75 U.S. on Thursday (May 14).
The surprisingly positive results reflect a big upswing from a year ago, when Airbnb’s bookings plunged 80% after the pandemic shut down most of the world. Travel was one of the hardest hit sectors during the pandemic, but Airbnb saw a swifter recovery than its peers when people started abandoning their city … Read more